Free · Editorially independent
Editorial policyFrax Finance issues FRAX and frxUSD stablecoins, sFRAX/sfrxETH yield products, and runs Fraxlend lending plus Fraxtal L2. frxUSD lending positions on Fraxlend can be deposited in Resupply Finance as collateral for reUSD, earning yield plus Convex-compatible boost paths. FXS/veFXS governs gauges integrated with Convex cvxFXS.
Frax Finance has grown into a multi-product ecosystem — FRAX v3, frxUSD, sFRAX yield, Fraxlend markets, Fraxtal L2, and frxETH liquid staking — with Fraxlend positions usable as Resupply collateral.
Market context
DeFiLlamaSkip this Frax Finance in explainer if you wanted a first wallet setup or a CEX account. It covers how the protocol works and who it is not for. How-tos and comparisons are linked where they exist.
Frax Finance pioneered the fractional-algorithmic stablecoin model in 2020 and has since evolved into one of DeFi's broadest protocol families. FRAX v3 is fully collateral-backed; frxUSD extends the dollar product line; sFRAX pays stablecoin savings rate; frxETH/sfrxETH compete in liquid staking; Fraxlend provides isolated lending; Fraxtal is an OP Stack L2 with FRAX gas.
Resupply Finance accepts Fraxlend frxUSD lending positions alongside Curve Lend crvUSD — tying Frax directly into the Convex–Yearn stablecoin flywheel.
Users deposit frxUSD into Fraxlend markets and receive LP tokens representing the lending position. Those tokens carry ongoing yield from borrowers. Depositing them into Resupply allows minting reUSD while yield continues — with borrow priced below collateral returns.
This gives Frax users a capital-efficiency path unavailable through standard CDPs: liquidity without sacrificing the Fraxlend APY stack.
Fraxtal hosts native FRAX, frxETH, and Frax protocols with low fees. Flox rewards FXS to active users and builders. Cross-chain deployments on Arbitrum, Optimism, and Polygon extend Frax liquidity beyond mainnet.
Convex's cvxFXS integration means Frax gauge emissions participate in the same vlCVX bribery market as Curve — deepening Frax–Convex alignment.
Convex, Curve, Resupply, Inverse Finance and Frax share collateral, gauges and stablecoin rails. Read the flywheel first if you are new to the stack.
FAQ
frxUSD is Frax Finance's extended dollar stablecoin product line used in lending and DeFi integrations.
sFRAX is a yield-bearing FRAX token — deposit FRAX, earn protocol savings yield.
Fraxlend frxUSD LP tokens are accepted Resupply collateral for reUSD minting.
Fraxtal is Frax's OP Stack Layer 2 using FRAX for gas and hosting Frax-native DeFi.
FXS (Frax Shares) is the governance token; veFXS locks for gauge voting and fee share.
Resupply Finance lets Curve and Frax lenders mint reUSD against positions that keep earning yield — co-built by Convex and Yearn, with borrow rates structurally priced below collateral returns.
Convex takes Curve’s veCRV boost and sells it as a service: deposit LP, get max boost, no four-year CRV lock. Verdict-first guide on cvxCRV, vlCVX, Resupply, and who should stay on Curve alone.
Frax issues frxUSD/sfrxUSD and Fraxlend markets that feed Resupply collateral and Curve LlamaLend V2. Verdict-first guide on when USDC or Sky is the simpler dollar.